GOLD Coast property prices have recorded their biggest single-year jump since the heights of the mid-2000s boom, new data reveals.
CoreLogic data released this week shows property values increased 15 per cent in the year to April 2021, the highest since 2006 and behind the record-setting 1986 and 2001.
And the price of family homes is set to remain high as the amount of developable land dwindles.
Real estate industry figures now say the Gold Coast’s property industry could be set up for a decade of high values if the 2032 Olympic Games bid is successful.
CoreLogic head of research Tim Lawless said housing values were increasing faster than units.
“If you look at the Gold Coast market, it’s a tale of two cities, with house values by far rising the fastest with a quarterly growth of 9.2 per cent, while units went up 5.4 per cent in the same time,” he said.
The city had the 15th largest jump in property values in the past year — Sydney was top — while the growth rate in the first three months of 2021 placed the Coast seventh.
According to the data the average Gold Coast property is worth $638,000, higher than Brisbane’s $538,000.
However, the Glitter Strip remains comfortably below Melbourne’s $745,000 and Sydney’s $951,000.
CoreLogic data released last week revealed that price growth in the Gold Coast market had slowed slightly from 2.5 per cent to 1.7 per cent in the 28 days to April 25.